Presented below is information related to Hoerl Co. for the month of January 2017. Instructions (a) Prepare
Question:
Instructions
(a) Prepare the necessary adjusting entry for inventory.
(b) Prepare the necessary closingentries.
Transcribed Image Text:
Ending inventory per $12,000 20,000 55,000 10,000 13,000 380,000 Insurance expense 21,600 Rent expense perpetual records Ending inventory actually on hand Cost of goods sold Freight-out Salaries and wages expense Sales discounts Sales returns and allowances 21,000 218.000 7,000 Sales revenue
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a Cost of Goods Sold 600 Inventory 600 b Sales Revenue 380000 Income Summary ...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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